Apple did not state what they had planned for the company, but they did announced that they would be acquiring both Beats Music, the music streaming service, and Beats Electronics, the division of Beats that is responsible for creating the somewhat iconic and fashionable Beats headphones that are worn by celebrities around the world.

According to Apple’s CEO, Tim Cook, “Music is such an important part of all of our lives and holds a special place within our hearts at Apple. That’s why we have kept investing in music and are bringing together these extraordinary teams so we can continue to create the most innovative music products and services in the world.”

Jimmy Iovine added that Apple was where Beats belonged. “I’ve always known in my heart that Beats belonged with Apple. The idea when we started the company was inspired by Apple’s unmatched ability to marry culture and technology. Apple’s deep commitment to music fans, artists, songwriters and the music industry is something special.”

Iovine has a relationship with Apple and has worked with them in the past, such as helping launch iTunes and helping land deals, such as with U2, that led to the creation Apple’s (RED) series of charitable products. Together with Dr. Dre, they will be joining Apple, although their roles in the company were not specified. Apple expects the deal to be closed by the end of the year, pending regulatory approvals.